Co-op Legal Services profits rise again

Co-operative Legal Services was established five years ago with a view to creating 150 jobs. It has so far grown to employ over 400 employees, and seen its revenues increase by 22% and profits rise by 3% during the first half of the year.
The Group’s financial statement states: ‘The business is actively preparing for the forthcoming de-regulated legal market place and will be submitting an application to the Solicitors Regulation Authority to become one of the first alternative business structures to be licensed. This will allow the business to provide a full suite of consumer legal services with the aim of becoming the consumer’s lawyer of choice.’
The Co-operative Group’s overall sales fell slightly to £6.89bn from £6.96bn, but within this, Co-operative Financial Services saw gross revenues rise 6.4% to £1.33bn, while its food business produced sales of £3.7bn, down 4.6%.
Chief Executive Peter Marks said: ‘It is a mixed picture, but one that shows the strengths of having a diversified portfolio of great businesses.’